ALROSA signs joint venture agreement in Zimbabwe

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Harare, July 16, 2019 – ALROSA, a global leader in diamond mining, and Zimbabwe national diamond miner Zimbabwe Consolidated Diamond Company (ZCDC) have signed a joint venture agreement to develop diamond deposits in Zimbabwe. The agreement was signed by ALROSA Deputy CEO Vladimir Marchenko and ZCDC Non-Executive Board Chairman Killian Ukama. The President of the Republic of Zimbabwe Emmerson Mnangagwa and ALROSA CEO Sergey Ivanov attended the signing ceremony.

According to the terms of the agreement, ALROSA gets a 70% controlling stake for the development of greenfield projects, ZCDC – 30%. First of all, the joint venture will be engaged in geological exploration of greenfield deposits. Further objectives of cooperation― diamond mining and independent sale of rough diamonds in external markets.

The new joint venture will be able to work not only with the licenses ZCDC has today, but also in the territory of the whole country. In case a new prospective area is discovered, the company will contact directly the Zimbabwe Ministry of Mines and Mining Development requesting a new license for this area.

“Creation of a joint venture is a major step in the cooperation with our partners in Zimbabwe. We are committed to productive work in the exploration of new promising areas and subsequent diamond mining. Our specialists have been working in Zimbabwe for more than three months now, and the national authorities have been of great support to them. We have chosen various projects for the joint venture, and part of them is to be launched this autumn. Of the existing fields for development, we are preliminary considering the areas located in the Chimanimani region,” commented ALROSA Deputy CEO Vladimir Marchenko.

In December 2018, ALROSA established an affiliated company in Zimbabwe, ALROSA (ZIMBABWE) Limited, for the implementation of projects in mineral prospecting, exploration and mining operations with a view to creating joint diamond-mining and other mining enterprises.

Reference:

ALROSA operates in strict compliance with corporate standards and industry commitments as part of membership in RJC, WDC and DPA. All these standards will be unconditionally implemented in the work of ALROSA in Zimbabwe. ALROSA has never, under no circumstances considered, and does not consider the possibility of entering the Marange region.

This page was last updated on 16 July 2019 at 17.01